"Linus Torvalds' achievements have had a great impact on shared software development, networking and the openness of the web, making it accessible for millions, if not billions," the academy wrote in an announcement.

Linux is an open source computer operating system available free and open to modification, subject to licensing terms. It's become an essential underpinning for the Internet, other communications networks and corporate computer systems.

Torvalds, 42, released the first version of Linux in 1991 while a graduate student at the University of Helsinki in Finland. He moved to Oregon in 2004 and manages Linux's development from his home south of Portland. Torvalds became a U.S. citizen in 2010 and now works with the Linux Foundation to maintain and promote the software.

Technology Academy Finland also awarded a Millennium prize to Japanese stem cell researcher Shinya Yamanaka. The academy awards a prize pool of more than 1 million euros, most or all of which will go to the grand prize winner -- to be announced at a ceremony in June.

"Software is too important in the modern world not to be developed through open sources," Torvalds said in a written response to his award. "The real impact of Linux is as a way to allow people and companies to build on top of it to do their own thing."Correction: Technology Academy Finland described Torvalds as a Millennium "laureate," but says it means he's actually one of the two finalists. This article and headline has been corrected to reflect that change, and to indicate that all the prize money may be awarded to the grand prize winner.